Are digital wallets as promising as consumers expect them to be?

There is no simpler way to put this: Digital wallets are the future of payments and one of the easiest methods to keep your money safe and accessible at all times. This is the major reason why digital wallets are becoming more and more popular with every passing day.

Come to think of it, E-wallets provide almost everything that consumers look for in an electronic payment service. They are quick, easy to use, and on top of everything else, they ensure your payments are kept safe at all costs.

However, the real question is that are these services as perfect as some of online reviews portray them to be ? Or maybe we are looking past some important things. Let’s have a look!

What Are Digital Wallets?

Digital wallets or mobile wallets are online services that allow you to deposit money on to them and later on you can use these to make purchases, electronic payments, and even Venmo transfer funds from one app to another within minutes.

According to one study, more than 80 percent of the users who have smartphones now also work with mobile wallets and seem to have quite a positive perception of these. In fact, when you compare other means with this latest technology, even gadgets like credit cards and coupons sound to be a thing from the stone age.

When reviews from different companies and online stores were gathered, they highlighted that more than 70% of them were confident about digital wallets becoming the leading mode of payment in the future. That explains why most merchants have already marked these as the preferred form of accepting charges.

The Truth Behind Success!

If consumers are so sure about the usability of wallets such as Cash App and Venmo, then there has to be some reasons that explain why.

One of the major advantages is that they eliminate the need to carry a wallet physically in your pocket. Simply download the app and keep it loaded so you can pay whenever needed without having to worry about paper cash.

Payments with these apps are also quite simple. You are just supposed to hold up your phone to the payment device or transfer money online without any hassle. Most digital wallets nowadays utilize NFC chips while there are others that work with device to device payment only.

Moreover, all your account details would be thoroughly protected with layers of encryption. You can choose to save the data on your device so there is no need to re-enter login details whenever proceeding with this action.

Why Do We Trust The Safety of Mobile Digital Wallets?

E-wallets come with additional security features that are bound to appeal to new customers. You can keep a check on transaction history, personal account monitoring, set up activity alerts, etc.

Furthermore, there are no complications involved when you wish to wipe up your data. For example, if you lose a credit card, the first step should be to contact the bank and get the card activated or cancel all the ongoing transactions. With mobile wallets, you simply access it remotely by providing your login details on any remote device and wipe clean everything that existed on the application!

With biometric identification, it is now almost impossible to access such an app by fraud or scamming activities. In contrast to regular wallets. E-wallets only open once personal ID code, fingerprint, facial geometry match or other valid identification protocol has been completed.

One of the amazing perks of Digital Wallets is that you can make payment to your favourite gaming platforms to buy extra perks. Few days ago I died in minecraft. First of all, I found out where I died in minecraft and then paid instantly to buy a new life.

Take Home Message

Undoubtedly, digital wallets are quite successful and seem to be only showing a positive growth in the future. They can help you enhance your shopping experience and save time as well.

However, some customers are still of the view that there is no alternative to conventional paper money. They expect online platforms and mobile apps to be less safe and prefer to keep wallets in their hands for all sorts of shopping sprees.

Nonetheless, digital wallets can help lower down customer acquisition cost and reduce operations costs as well. Many businesses have realized this and therefore stand by the use of digital wallets as a preferred mode of payment.

Are you currently using this service? If not then what are you waiting for? Give it a try and don’t forget to share your reviews in the comment section below.